Word: monetarist
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...banker should head the Federal Reserve, which oversees the nation's banks. But then he explained, "Actually, no one ever offered me the job." Also mentioned, but only as long shots: Treasury Secretary Donald Regan, 64, and Treasury Under Secretary for Monetary Affairs Beryl Sprinkel, 59, an ardent monetarist...
...PROMINENT MONETARIST has called the EMS "a fundamentally flawed idea," arguing that it is untenable to align foreign exchange rates without fixing monetary growth rates. Statistics support the observation. The free-spending socialist government has allowed the French money supply to grow at a 14 percent clip in the past two years. The German rate snailed at 2 percent for a similar period, partly because of conservative fiscal policies. A high French inflation rate (9.5 percent) and staggering external trade balance ($13 billion) have slowed the French economy while the German trade balance sprinted ahead, reporting a $3 billion surplus...
...equally savage blast comes from Michael Evans, chief economist for the Wall Street investment firm of McMahan, Brafman, Morgan & Co. Evans, a fallen-away supply-sider, blames high unemployment on the monetarist theories of 1976 Nobel Laureate Milton Friedman, who holds that slow and steady money growth is the key to economic health. Evans charges that some overzealous Friedman followers believed that the money supply could be squeezed without harming the economy. Says he: "Those people are now proved to be nuts, and they're gone forever. That aspect of monetarism belongs on the trash heap of economics...
Such invective now confronts the Reagan Administration, which came to power brandishing exceptionally strong economic convictions. The Reagan program consisted of four parts, which newsmen quickly dubbed Reaganomics. These consisted of supply-side tax cuts, reductions in federal spending, moves toward deregulation, and a monetarist tight-money policy to curb inflation. Reaganomics did cut inflation sharply, lowering the annual rate of increase in the Consumer Price Index from 12.4% in 1980 to a current level of less than...
...economists today may be the Keynesians, who enjoyed prominence as the leading school of thought during the 1960s and '70s. They met their Waterloo in the late '70s, when their pump-priming policies pushed up inflation. Says Allan Meltzer, a Carnegie-Mellon University professor and an influential monetarist: "If the Keynesian program had worked, Jimmy Carter would still be President." Although many Keynesians now want to trim the deficit, the recession has emboldened others to call for continued high deficit spending. Says Lester Thurow, a leading Keynesian who teaches at the Massachusetts Institute of Technology: "For the next...